To buy property in Barcelona with Casamona, the first step to consider is the total cost of the property and whether you will need financing in Barcelona or from your home country. The things to consider include:
- The purchase price
- Notary fees which range from €500 – €1000
- Transfer tax: 10 % of the purchase price, (paid within 20 days after the appointment with the notary)
- Registration taxes: €1500 – €2000
- If you need legal assistance with the buying process, this fee will be roughly 1% of the buying price
You want to buy property in Barcelona for €100.000 and you are above the age of 32.
The apartment itself costs €100.000, however, due to the transfer tax, you will have to add another 10% to the value.
The final price, including the costs of a notary and registration taxes, will be around €112.000 for acquiring the property.
it is recommended to save about 12% above the value of the property to pay for these expenses
Before looking for a property you need to know how you will finance it.
- Purchase in cash:
It is possible to buy property in Barcelona by transfer or bank check.
- Getting a mortgage in Spain:
If you are NOT a Spanish citizen, there can be difficulties in getting a mortgage for more than 50% of the purchase price. The bank will need to appraise the property (this takes around 2 weeks) and the appraisal value will often be lower than the market price. A formal appraisal is often not used to set the selling price in Spain. However, the bank’s appraisal is the amount used to calculate your mortgage (50% of this amount for foreigners). Casamona can advise and help you with this process.
- Getting a mortgage in your home country:
Casamona can help you get in contact with a mortgage specialist who can help you find the best solution.
STEP 2: Getting your NIE
1. What is a NIE?
The NIE (Número de Identificación de Extranjeros), is an identification number required to buy property in Barcelona. It is also needed for other services, such as healthcare, banking, finance transactions, etc. You can obtain one from the Foreigners Office at the police station (Oficina De Extranería). Click here to find out the step-by-step process of how to get your NIE number.
In the case that you have a buyer-agent contract, our team can help you with this process (see Step 1 in Buyers Package)
Contact us at email@example.com
Casamona team is always happy to help with any questions concerning these matters.
STEP 3: Opening a Spanish bank account
YIn order to open an account, you will need your passport and NIE< a document proving your address in Spain and proof of employment. You can open an account online but many find it easier to go into the branch to open one. You will also need an NIE and a valid passport.
Casamona can advise you on which bank to choose and how much is needed to pay for their services.
Casamona can do this for you – if you have a buyer-agent contract (more information in Buyers Package - Step 1: "Starter and Finder Fee")
Consulting services for buying a property in Barcelona
Casamona offers consulting services for buyers
- If you are looking for an apartment in Barcelona for more than 300.000 euros and need Casamona's help through the whole buying process.
- If you are looking for an apartment under €300.000 in Barcelona.
- If you are looking for homes outside Barcelona.
We would love to help you during the entire buying process – Learn more about the Buyers Package
STEP 4: Finding the apartment
Searching for the apartment
At Casamona, we offer a wide range of properties. Click here to discover the many properties we have for sale.
In order to view a property, feel free to contact us and we can organise a visit. We can help negotiate the price and find the best solution for each party involved.
If you have a good idea of what you want, do not hesitate to get in contact. One of our agents will help you right away.
Seeing the apartment
We take the buyer on visits to any available apartments they may wish to view, and we will be the middleman between the buyer and the landlord. We also help to negotiate the price with the landlord to find a win-win situation for both parties.
STEP 5: Reserving the apartment
The Reservation Contract is the first agreement between the owner and the buyer. A deposit will be put down and the property will be removed from all websites. The reservation fee is normally €3,000 or 1% of the property.
After signing and pay the Reservation, the owner has to remove the apartment from all portals.
Please note that, if the owner approves you as a buyer, and you decide to withdraw from the sale, this deposit is non-refundable.
What you need:
- Your NIE,
- A Spanish bank account.
STEP 6: The Aras
The Aras is the agreement between the owner and the buyer where they set the final price and date when the final transfer must be completed.
Here the buyer pays a 10% deposit of the buying price. Once signed, the buyer and seller are legally bonded.
Please note that According to Article 1,454 of the Spanish Civil Code:
- If the buying party backs out, this party will lose the deposit.
- If the selling party backs out, this party has to pay twice the amount of the deposit back to the buying party.
STEP 7: Hiring a notary
A Notary is a person who is authorised to perform legal affairs such as witnessing the signing of a document. The notary needs to be present to attest to the change of ownership.
Casamona organizes all the formalities with a notary (which involves making sure the notary receives all the required paperwork, organizes a date to discuss the contract and its clauses, signs all the necessary papers and makes sure the notary pays the taxes on time, as well as any other important requirements).
We offer two packages:
We take care of the Escritura.
This costs between 400€ - 500€.
We take care of the Escritura but also help you to adapt to the Spanish system. We simplify the process for you and help you pay the taxes.
This costs between 800€ - 1.000€.
STEP 8: Signing the Escritura contract
The Escritura is the title deeds. It clusters information about the owner, buyer and the property.
This contract represents the change of ownership.
Once signed the apartment is yours, Congratulations!
What is next
Want to rent?
Investing in a property in Barcelona as a buy-to-let is a great opportunity to increase the ROI and generate an additional income and property portfolio. If as the buyer, you wish to rent out the apartment to tenants we can help you.
Casamona will photograph the property, upload it onto our extensive range of portals, organize viewings, negotiations, writing the contract and checking in the new tenants. We can also retrieve the rent from the tenant without any fee for the buyer.Too busy to manage your property? Explore our property management options. Likewise do not hesitate to get in contact with us to discuss our extensive management services.
- Want to renovate?
If as the buyer you wish to undertake some reconstruction work in the apartment, you must obtain a working permit. Casamona has an extensive range of contacts that we can refer the buyer to as well as guide you through the process. We believe that now is a great time to invest in properties and renovate to increase the ROI. Click here to find more information about renovating your property.